Cotton Market Update News By Ripples Advisory

by - 11:39 am

Cotton on MCX settled up by 0.58% at 19170 due to rising demand in the domestic market. Though, news on Pakistan suspending cotton imports from India due to failed in fulfillment of phyto-sanitary certification, capped some gains in cotton prices. For the current season, cotton arrivals in the country are pegged at 45.43 lakh bales (lb) as on 27 November, 2016. As per data, during November about 34 lakh bales has arrived in the country. According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16. A rebound in India’s yield is expected to offset a 10-percent reduction in cotton area this season. On the production front, industry is estimating 355 lakh bales (170 kg each) for the season 2016-17 (Oct-Sep), as against the government’s first estimate of 321.2 lakh bales. 

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As per CAB, India's cotton output is seen at 351 lakh bales (1 bale = 170 kg), up 4% from 338 lakh bales a year ago due to good monsoon and minimum pest infestation. Cotton area is down by 11.6% at 105.6 lh against 116 lh last year. Cotton output in 2016-17 is likely to rise by 3.8 % in from a year ago due to a sharp increase in yield following a favourable monsoon.

                               Trading Ideas

Cotton trading range for the day is 18977-19297.

According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16.

Cotton prices in spot market gained by 40.00 rupees and settled at 18900.00 rupees.

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